NY insurance regulators say AXA to pay $20M

New York’s Department of Financial Services says AXA Equitable Life Insurance Co. will pay a $20 million fine under a consent order following changes in its annuities that regulators say were not adequately explained and affected thousands of New Yorkers.

The state agency says an investigation begun in 2011 showed AXA changed some investments that limited potential returns without adequate notice to the department. That limited the state’s ability to protect consumers, such as with a requirement they “opt in” to the changes.